Ally Invest Offering $3,500 for New Account Holders Bringing Over $2 MM

Ally Invest Offering $3,500 for New Account Holders Bringing Over $2 MM

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For many years, ETrade and TD Ameritrade have given customers $2,500 for bringing over $1,000,000 in cash or securities into a new or existing account (these bonuses are ordinarily limited to one per year).

Ally Invest today sent an email to their savings and CD customers, matching the ETrade and TD Ameritrade offer, and offering an additional $1000 (for a total of $3,500) for those new accountholders bringing a total of $2 million or over.  The Ally Invest offer expires on July 31, 2018 and you must have completed moving your assets into the Ally Invest account within the following 60 days in order to receive the full credit.  

Ally Invest is also offering smaller cash and trading bonuses for lesser deposits.   The full details are below.

Cash bonuses from online brokerages, of course, are reported on 1099-MISC forms and subject to taxes at your ordinary income tax rate.   TD Ameritrade and Fidelity once gave bonuses in the form of Apple gifts cards (also reported on a 1099-MISC) or your choice of American, United or Delta miles.   The frequent flier miles are not reported as taxable and therefore considered more attractive by many.

See how BestCashCow values frequent flier miles from the major programs here.

Brokerage bonuses of this nature usually contain a provision requiring that you not remove the assets from the broker for a year.   Nevertheless, a prudent self-directed investor who views online trading platforms as largely all providing the same level of service can easily receive one of these bonuses every year by rotating their account between ETrade, TD Ameritrade, Ally Invest and perhaps others.   Even though these bonuses are fully taxable, they represent a nice windfall when you make a practice switching brokers in order receive one every year.

See our comparison of online brokers here.

 

LIMITED-TIME OFFER

Open and fund a new Self-Directed Trading account to take
advantage of a bonus based on your deposit amount.

Your Bonus

Deposit or Transfer

$3,500 + free trades

$2MM+

$2,500 + free trades

$1MM - $1.99MM

$1,200 + free trades

$500K - $999.9K

$600 + free trades

$250K - $499.9K

$300 + free trades

$100K - $249.9K

$200 + free trades

$25K - $99.9K

$50 + free trades

$10K - $24.9K

Other terms and conditions apply. Offer includes a maximum of $500 of
commission-free trades for 90 days after you fund your new account.

 

 

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to financial literacy and bank transparency. Since co-founding this website in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.
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Reviews

  • DJO

    July 05, 2018

    Let me say it here as loudly as I can. Use every bone in your body to resist the temptation to chase this. Ally Invest is a joke. It is a mickey mouse operation. I have been a very happy customer of Ally for years and I did this and got my $3,500. I have never seen such incompetence. The kids who represent themselves as professionals and investment advisors are much less knowledgeable than Schwab. I cannot wait to close this account and go somewhere else and I may even close my entire Ally account as a result. It is a joke. And, as the article points out I can get this same money from someone like Ameritrade or Etrade. I suggest you do that instead!

  • Jim Bronton

    May 15, 2018

    I have been an account holder with Ally since the day it became Ally (and GMAC bank before that). I went to the promotion page and applied for a new account from there in order to take advantage of this promotion. I received a note saying that my account had been approved and opened the following day. Then, I got a note saying they couldn't verify my identify and needed me to send all sorts of identifying information. Really? The $3,500 would have been nice, but I will stick with TD Ameritrade. Nice job boys and girls!

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